IEA chief hopes G20 meeting will restore stability to oil markets

FILE PHOTO: Fatih Birol, Executive Director of the International Energy Agency poses for a portrait at its offices in Paris, France, November 7, 2019. REUTERS/Benoit Tessier

PARIS (Reuters) - International Energy Agency Executive Director Fatih Birol said he hoped a G20 meeting on Friday would restore stability to oil markets, with oil prices having been hit hard by the coronavirus crisis and spats among oil-producing states.

“Following the welcome step announced overnight by some producer countries, I am looking forward to today’s extraordinary meeting of G20 energy ministers. I hope that it will help restore some much-needed stability to oil markets,” Birol said in a statement on Friday.

Oil prices had tumbled on Thursday on doubts that a deal between OPEC and allies to make a record oil supply cut would be enough to offset the collapse in global fuel demand caused by the coronavirus pandemic. [O/R]

Reporting by Sudip Kar-Gupta; Editing by Mark Heinrich